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with modest gains. europe holding onto gains and china up nearly 3% over night as shanghai catches a break. our road map begins with a $20 billion deal. freeport mcmoran getting into the energy business making two acquisitions. plains exploration and mcmoran exploration. >>> concerns over the u.s. economy as adp misses estimates. the blame goes to superstorm sandy. goldman says the party is officially over for gold. >> starbucks at an investors conference will add 1,500 stores in the u.s. over the next five years. wait until you hear what they said about china. >> a big day in media. pandora ceo joins us live later this morning as the stock fell nearly 20% on weak guidance and netflix signs a big exclusive with disney. how much are they having to pay up for that? >>> let's deal with this big deal. as i've been telling you we'll see a lot of big deals -- i was wrong. here we are. freeport mcmoran buying not one but two companies. the combined price if you add it all together gets close to $20 billion. that does include debt. let's go through some of the details. it's somewhat complex. let's
think broadly of markets like china and brazil. these are markets that started to increase monetary easing. that have started to restructure their economies and certainly we think china has avoided very nicely a hard landing and will be back for growth track next year. >> talk to me about getting yield. that what everybody want right now. how are you doing it? high yield or investment grade securities or where? >> we are underweighted and they don't provide much of a yield these days. they are on high yield and we've had a barn burner of the year with high yield. we still think you can get high digit returns in 2013. and we are looking at global infrastructure in real estate as providing a nice sustainable yield for investors. >> the big debate down here for the past couple of days after the fed made its announcement is whether or not that will prick the bond bubble. where whether we are in a bond bubble or whether there was a bond bubble. where do you stand on that? >> it's interesting. when i think after bubble, i think of something that can burst and drag values down to zero. one
would be short yen and long japanese stocks. >> people watching not just january but china. ir ir ir iron oar a lot. >> let's get more insight from steve from web bush securities. how much of a nail biter is this for you in terms of fiscal cliff and the markets? >> i think pretty clear at this point that if there's a deal coming, it's gonna be coming very, very soon. i think the markets discounted the fact we are going to get some sort of deal t has held up fairly well here and i think if we don't get a deal, we will see a selloff. i don't know how considerable, but certainly see the 2, 3% decline in the market. >> does it amaze you, steve, that the markets, in your view, still consider a given that we are going to reach a deal? here we are thursday, december 27th. they still haven't issued a 48-hur notice for congress to return to capitol hill and yet you're saying the markets have baked in some sort of deal? >> yeah, i think so. i don't in he isly think the deal happened december 31st. if we pass waite without a deal earthquake the market will think something is going to happen in
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